Reuters and Emirates bank agree trade and risk management deal
10 July 2006, London – Reuters (LSE: RTR; NASDAQ: RTRSY) has signed an agreement with Dubai based Emirates Bank for Reuters Kondor Value at Risk (KVAR). The deal is an important step for Emirates Bank in deploying the entire Reuters Kondor suite of Trade and Risk management applications across its treasury and risk management.
Emirates Bank already uses the Reuters Treasury front to back solution Kondor+ and Kondor Trade Processing and is in the final stages of rolling out the Kondor interest rate and liquidity risk module. It also plans to use KVAR to calculate and report cross asset class value-at-risk (VAR) on their positions held in the Kondor+ system.
Christopher Tregellis, Chief Risk Officer, Emirates Bank Group, said: “The Emirates Bank Group is continuing to build its client and proprietary Treasury business. This makes the need for risk management tools such as KVAR both a fact of life and part of an exciting opportunity for sound and sustainable growth. Emirates Bank Group looks forward to entering this next phase of collaboration with Reuters and to achieving the benefits this will bring.”
Andreas Raggl, Reuters Head of Trade and Risk Management, Middle East and Africa, said: “The market for risk products in the Middle East is a growing one and this latest deal shows that Kondor+ products are proving very attractive to customers who recognize their proven abilities and ease of use.”
Demand for Reuters Trade and Risk Management products are growing in the Middle East as the banking sector is becoming increasingly sophisticated. Earlier this year Reuters announced deals involving full suites of Kondor trade and risk management products with Government of Dubai, Department of Finance (DoF) and the Commercial Bank of Qatar (CBQ).
Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Its trusted information drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 15,300 staff in 89 countries, including staff from the acquisition of Telerate in June 2005. It also includes 2,300 editorial staff in 189 bureaux serving 128 countries, making Reuters the world’s largest international multimedia news agency. In 2005, Reuters revenues were £2.4 billion.
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